Vose Law Firm LLP No Longer Accepting Clients for Litigation Against TIRN

The U.S. Attorney’s Office for the Middle District of Florida has recently informed Vose Law Firm LLP that the U.S. Attorney’s Office will attempt to stay any civil action that is filed by victims of TIRN against TIRN or David Merrick.

In addition, the Government has informed us that it will be filing a forfeiture case against all the TIRN money they can locate. Forfeiture cases are typically used to seize money or property for the Government in cases relating to such crimes as drug trafficking or money laundering. The Government has indicated that it has chosen not to appoint a Receiver to recover assets for investors, and will attempt to stay any victims’ civil lawsuits to recover the money.

As a result, Vose Law Firm LLP is no longer accepting clients for a lawsuit against TIRN or David Merrick, and has today (November 4, 2009) fully refunded cost deposits to the numerous people who signed up for a civil action against TIRN, Merrick, and other defendants related to TIRN. Any Contingency Fee Representation Agreements signed with Vose Law Firm LLP concerning this matter are cancelled, and in the event the clients who signed agreements with us receive funds paid out as a result of the process described below, (see What is Happening Next? below), they will owe nothing to our law firm.

Vose Law Firm LLP cannot speculate as to why the Government has decided to take actions that shield TIRN and David Merrick from victim suits against them, nor as to why the Government has decided to utilize its forfeiture process in this case. Rather than potentially wasting clients’ money and time on a lawsuit that will most likely not proceed to judgment, we have chosen to refrain from filing suit.

We are saddened by this situation, particularly since so many of you have provided to us information that we believe could have resulted in recoveries far in excess of any recoveries that may be recovered through the criminal action against TIRN and David Merrick.

Rest assured that any information that you have supplied to us during the period of time of our representation is fully protected by attorney-client privilege, despite the fact that we are no longer your attorneys and no longer represent you.

If you feel comfortable providing information to the Government to assist them with their case, we recommend that you contact the SEC, Secret Service, and/or U.S. Attorney’s Office, at the email address provided below.

What is Happening Next?

After speaking with the attorneys representing the Securities and Exchange Commission (SEC) and the attorney handling the forfeiture action on behalf of the U.S. Attorney’s Office, it is our understanding that after the forfeiture of funds relating to TIRN and David Merrick, there will be a notice to those TIRN investors known to the SEC, soliciting those victims’ requests for recovery of investments.

We were also informed that the SEC will establish criteria by which TIRN victims’ requests for recovery will be evaluated. These criteria will be used to determine the eligibility of individual TIRN victims to any recovery of his or her investment, and if the victim is deemed eligible, the amount of the victim’s investment that the victim will be permitted to recover.

The results of these evaluations of victim eligibility will be compiled into a plan of disbursement to be submitted to the U.S. Attorney General for approval, and the seized funds will ultimately be disbursed as determined by the U.S. Attorney General. How much of the forfeited funds will be made available for victim compensation is not known.

Many of you have been financially devastated by the actions of TIRN and people associated with TIRN. Our thoughts and prayers are with you, and we hope that the decision by the U.S. Government to attempt to stay all civil claims, and handle all victim claims through the forfeiture process, will work out to your benefit.

Contact Information Provided by the SEC

The Securities and Exchange Commission has set up an email address specifically directed to TIRN investors:
This e-mail address is being protected from spambots, you need JavaScript enabled to view it
. The SEC has indicated to us that this TIRN-specific email address is the best way for investors to contact the SEC, the U.S. Attorney’s Office and the Secret Service and to share information regarding their investments in TIRN.

The SEC has requested that TIRN investors send the following information to
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:

Name of Investor

Email address, daytime telephone number and mailing address of Investor

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